Supporting a growing trend, 33.6 percent of respondents looking for an apartment this year said they are previous homeowners (up from 20.5 percent in 2011). From the survey respondents who said they are homeowners looking to rent in 2012, 26.3 percent are doing so because they believe renting is a more affordable option and 21.2 percent prefer the flexibility renting offers in choosing where to live.
Apartments.com provides the five most popular responses why their website visitors are choosing to rent versus own in 2012:
- Renting is a more affordable option: (26.3 percent)
- Flexibility to live where I choose: (21.2 percent)
- To relocate for employment: (20.5 percent)
- Cannot afford to keep up with homeownership expenses: (10.5 percent)
- Lost home due to foreclosure and change in marital status: (less than 4 percent each)
More than 35 percent of respondents indicated they are moving out on their own – whether for the first time or back into their own place – which may be a sign of an improving economy and job market, especially in the rental demographic. Reinforcing that idea is the fact that 23 percent of renters surveyed reported they are relocating for employment opportunities – making that the number one reason for moving in 2012, as it was in 2011. However, the desire to have more space, to save money and to live in a more desirable neighborhood also topped the list. Apartments.com provides the five most popular responses why their website visitors are moving in 2012:
- Relocating for employment opportunities: (23 percent)
- Looking for a bigger apartment: (11.9 percent)
- Shopping for a less expensive apartment: (11.3 percent)
- Wanting to live in a more desirable neighborhood: (10.6 percent)
- Change in marital status: (8.8 percent)
Most importantly to those who are thinking about purchasing rental properties, the price is low, interest rates are low and rental property is going to continue to be in demand! Contact me for more information on affordable income properties today!